10 things you need to know today: June 4, 2021

Biden slashes infrastructure proposal but GOP opposition remains, U.S. to send 1st 25 million vaccine doses abroad, and more

Biden speaks at the White House
(Image credit: Alex Wong/Getty Images)

1. Biden cuts infrastructure proposal in meeting with GOP negotiator

President Biden reportedly said in a Wednesday meeting with the top Republican negotiator, Sen. Shelley Moore Capito (R-W.Va.), that he would cut the size of his infrastructure proposal to about $1 trillion and drop a proposal to pay for it partly with a corporate tax hike, The Washington Post reported Thursday. Instead, Biden wants to raise money by eliminating loopholes that corporations and wealthy taxpayers use to lower their tax bills, and setting a minimum corporate tax rate of 15 percent. Republicans proposed covering the costs of upgrading roads, bridges, and other infrastructure by repurposing unspent money that had been set aside for coronavirus relief. They said Biden's plan was unacceptable because it still sought to pay for infrastructure with increased tax revenue from businesses.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.